Ethlabs Co-Founder Says ETH Lacks Clear Value Narrative; Over 32% of Supply in Staking

ETH2.56%
According to Odaily, former Ethereum Foundation researcher Ansgar Dietrichs, a member of newly launched Ethlabs, stated on Laura Shin's Unchained podcast that Ethereum has failed to develop a clear value narrative despite five years without breaking the $5,000 mark. Ethlabs, founded on June 22 by five former Ethereum Foundation researchers and backed by Bitmine, Sharplink, and Consensys founder Joe Lubin, entered the market amid mixed on-chain signals. Cryptoquant data shows over 32% of ETH supply—approximately 39.5 million ETH—is currently staked, with exchange balances declining. However, Ethereum's daily active addresses and smart contract activity hit record levels, while ETH price has declined over 50% from the cycle peak.
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